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Our $5500 Monthly Budget

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Real Budget | Couples' Budget | Spending for Two | $5500 Budget Plan

It’s been a while since I took a close look at our budget here on BFS.  Here is an updated version for 2017!

Here is how our budget looks right now:

  • Income Taxes – $1000
  • Home Mortgage – $1250 (we’re overpaying $260 a month)
  • Home Insurance/Property Taxes/HOA – $850
  • Rent House Home Insurance/Property Taxes – $400
  • Food (Groceries and Splurging Out) – $400
  • Liberty Healthshare – $300
  • Honda Fit Car Payment – $275
  • Electricity – $100
  • Gasoline – $150
  • Car Insurance – $120
  • Cell Phones – $75
  • Internet (DSL) – $60
  • Cable (our part) – $40
  • Lawn Care – $50 (average over the year)
  • Water – $50
  • Natural Gas – $40
  • Life Insurance – $30
  • Netflix – $10
  • Other Entertainment – $100
  • Miscellaneous and Cash – $200
  • Total Expenses = $5500

Those expenses are taken out of the $5750-$9,500 a month we make through our online business ($2500-$4000), rental income ($1250), pet sitting income ($2000-$4000), and sports officiating income ($0-$3000). Taxes eat a chunk, our two homes eat a chunk, and we splurge a chunk. But we save a nice chunk too – about 25% of our gross income is saved to our two Roth IRA’s and our SEP IRA.

Unplanned expenses that pop up on the budget are taken from the appropriate target accounts that we fund with the extra money when we have it. The extra is split up between the following accounts based on how our targets are looking:

  • Emergency Fund if it isn’t topped off
  • Roth IRA’s if not fully funded
  • SEP IRA (about $11k a year right now)
  • Rental Property Maintenance Fund if not topped off
  • Cash for Investments
  • Car Fund
  • Vacation Account
  • Fun Money Accounts

I am hoping to show how a normal couple, even with unstable, fluctuating self-employment income, can budget their money to pay for our needs, our future, and the fun stuff along the way.

FYI:  I worked at a dead end cubicle job from 2005-2011 for about $30,000 per year.  I went self-employed in July 2011 and make between $70,000-$90,000 through blogging, professional pet sitting, hubby's reffing, and our rental home.  If you’d like to start your own site (link to my free step-by-step guide), I highly suggest checking out Bluehost (my referral link with a nice discount for you, PLUS a free custom header banner from me!).  Please contact me any time at budgetingfunstuff*at*gmail*dot*com with questions or just to brainstorm! I’d love to help!
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